Finance

The notable slowdown in hiring and a slight uptick in the unemployment rate to 4.2% led Wall Street to adjust its near-term monetary outlook. Investors scaled back expectations for a Federal Reserve interest rate hike at the upcoming October policy meeting.

U.S. government bond yields initially plunged in response to the soft employment reading before recovering later in the session. The benchmark 10-year Treasury note yield ended higher near 5.28%, hovering around its highest levels since 2002 amidst broader inflationary pressures.

Despite reporting quarterly profits that exceeded consensus estimates, Nike shares suffered losses at the end of the week. The drop was driven by a revenue miss and a downwardly revised annual profit and sales forecast, contrasting with a broader market rally led by tech stocks.